The case involves an application filed by SBER Bank, the Financial Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against Varrsana Ispat Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was initially admitted on 16.11.2017. Mr. Anil Goel was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CIRP period expired on 13.08.2018. Despite efforts, the Committee of Creditors (CoC) was unable to approve any resolution plan due to the attachment of the Corporate Debtor's assets by the Deputy Director of Enforcement. The RP's request for de-attachment of assets was not granted by the Adjudicating Authority (NCLT) or the Supreme
…SBER Bank initiated CIRP against Varrsana Ispat Limited under Section 7 of the IBC, 2016. The application was admitted on 16.11.2017. Anil Goel was appointed as IRP/RP. The CIRP period expired on 13.08.2018. Eight CoC meetings were held, but no resolution plan was approved due to the attachment of the Corporate Debtor's assets by the Deputy Director of Enforcement. The RP's request for de-attachment was denied by the NCLT and the Supreme Court. The RP filed an appeal before the Appellate Tribunal, which was also unsuccessful. The Hon'ble Supreme Court confirmed the order of appellate authority on 22.07.2019. The RP requested an exclusion of the period of litigation, which was denied. The CoC was dissatisfied with the terms of the resolution plan. The RP filed a final
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The Insolvency and…
The application filed by SBER Bank for…
The case involves an application filed by SBER Bank, the Financial Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against Varrsana Ispat Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was initially admitted on 16.11.2017. Mr. Anil Goel was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CIRP period expired on 13.08.2018. Despite efforts, the Committee of Creditors (CoC) was unable to approve any resolution plan due to the attachment of the Corporate Debtor's assets by the Deputy Director of Enforcement. The RP's request for de-attachment of assets was not granted by the Adjudicating Authority (NCLT) or the Supreme
…SBER Bank initiated CIRP against Varrsana Ispat Limited under Section 7 of the IBC, 2016. The application was admitted on 16.11.2017. Anil Goel was appointed as IRP/RP. The CIRP period expired on 13.08.2018. Eight CoC meetings were held, but no resolution plan was approved due to the attachment of the Corporate Debtor's assets by the Deputy Director of Enforcement. The RP's request for de-attachment was denied by the NCLT and the Supreme Court. The RP filed an appeal before the Appellate Tribunal, which was also unsuccessful. The Hon'ble Supreme Court confirmed the order of appellate authority on 22.07.2019. The RP requested an exclusion of the period of litigation, which was denied. The CoC was dissatisfied with the terms of the resolution plan. The RP filed a final
…The Insolvency and…
The application filed by SBER Bank for…